In its formal proposal to shareholders on the controversial merger, Tesla said that in the first half of September the four suits were filed in Delaware court, two by individual shareholders and the other two by pension funds representing public employees in Riviera Beach, California and in Arkansas.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.